1. [ Goal one is to build a fund the cover the cost of the down time after her knee replacement surgery. She has medical insurance that will cover the cost of the knee replacement after her deductible of $1300 and copays are met. She would be then left have her fund to keep up her life while she is out of work. This is an average of 4-5 months with a person of her age. Having this fund will protect her against accumulating debt to cover her bills. Ms. Amos makes About $45,000 a year as a nurse. By my calculations she will need almost $19,000 in the time she is out of work.]
2. [Her second goal is to save for retirement. She has been investing with a broker in a conservative fund that rarely loses money. She had invested the life insurance money from her husband. She has been fully funding an IRA to the and is electing to use…show more content… [Faye would like to redo her bathroom to make it more comfortable and useable for her as she ages. She wants to place a new tub and sink and toilet that will be more adaptable for her. She wants new tile floor and tile walls for moisture protection. Along with wanting to redo the bathroom she would like to redo the kitchen which has not been renovated since the home was built. She would like new cabinets and counters and the kitchen repainted. She already has updated appliance in the kitchen which holds down cost. She has had a contractor come in and quote her a cost of $37,000 for the parts and around $3,000 for labor. She plans to use some of her Inheritance to cover the cost of remodeling.]
5. [Mrs. Amos would like to leave something for her three children. Her will is set up in percentages since she does not know how much she will have left at her time of death. Her lawyer is the executor of the will which she has allotted 20 % for each child and the rest of the 40 % will go to different charities including her church. She has no need to worry about her kids who are all adults and does not need to set up a person to take care of
